He also told Wealth Track that we shouldn’t have credit ratings agencies – in any form (even Meredith Whitney’s new one, presumably).

“Even in their best they add to cyclical pressures. They say positive things when things are good that restore confidence. And then when things start getting into a crisis, they actually exacerbate the crisis by announcing that things are bad.”

He hit out against money markets:

“Money markets are unregulated banking institutions that can’t suffer even the smallest amount of loss.”

And said that banks are a disaster:

“We wouldn’t invest in any of the banks,” he said.

The one thing he spoke highly of was gold:

“Gold is the money of choice that we would like to have a meaningful amount of our assets denominated in gold. It’s the biggest position in the fund.”